Panel 3

Panel 4

Beaver and Steve look at the dead ghost
Steve: "Do you think I should be worried that I just killed my own ghost?"
Beaver: "I think this might be another of those things that go in the category of 'It's probably best not to think about it.'"

Panel 5

Beaver: "Oh, but look, something is coming out of it..."
Something is BULGE!ing from Steve's Ghost
Steve: "I-Is it the ghost of my ghost?"

Panel 6

Like everything in it, life itself revolves around TV

Steve: "Oh... No, it's an otter."
An otter BINK!s from the ghost
Otter: "KII! KII!"
Beaver (in lecturey pose): "Don't you know Steve: That is where new otters come from."

Panel 7

Beaver: "It is all part of the miracle of nature!"
The circle of life is displayed
The Otter proudly shows off a fish in the bottom right corner

Panel 8

Steve's soul is beginning to smell (as shown by the flies flying around it)
Beaver: "Ew - But what are we going to do with your soul now?"
Steve: "Hmm... I think I know someone who might take it off our hands..."

Panel 9

Cut to hell, Satan is infuriated at the low-quality dead-ghosty product he has recieved in the mail.
Satan: "What the..! The advert said 'As new'!"
Flies emanate from the box
Satan: "I traded the world's largest top hat for this??"